MILWAUKEE — MGIC Investment
Corporation reported a strong financial performance in the most
recent quarter with the net income increasing $52.7 million.
According to the financial
report released Thursday, for the quarter ended Sept. 30, net income
was $822.9 million, or $1.78 per diluted share, including $698.1
million relating to the reversal of MGIC’s deferred tax asset
Excluding the impact of the
deferred tax asset valuation allowance reversal, adjusted net income
for the recent quarter would have been $124.7 million, or $0.29 per
diluted share, compared with net income of $72 million, or $0.18 per
diluted share, for the same quarter a year ago, according to MGIC.
The valuation allowance related
to deferred tax assets was reversed based on the evaluation of the
ability to ultimately utilize those assets. The reversal of the
valuation allowance increased book value per share by $2.23 in the